Initial and Annual Statement of                                                       OMB No. 1545-0123
Form  8997                     Qualified Opportunity Fund (QOF) Investments
                               Attach to Form 1040, 1040-SR, 1040-NR, 1041, 1065, 1120, 1120-F,                              2024
Department of the Treasury                   1120-REIT, 1120-RIC, 1120-S, or 990-T.                                          Attachment  
Internal Revenue Service               Go to www.irs.gov/Form8997 for the latest information.                                Sequence No. 997
Name                                                                                                    Tax identification number (see instructions)

Part I          Total QOF Investment Holdings Due to Deferrals Prior to Beginning of Tax Year 
                If different from last year’s ending QOF investment holdings, attach explanation.
      (a)                (b)                             (c)                                  (d)              Deferred gain held in QOF
Qualified       Date QOF                    Description of QOF investment                     Special          (e)                    (f) 
Opportunity     investment             (for example, 100 shares     or 25% interest)          gain      Amount of short-term Amount of long-term 
Fund (QOF)      acquired                                                                      code          deferred gain        deferred gain 
      EIN       (MM/DD/YYYY)                                                                            remaining in QOF     remaining in QOF

1     Enter the totals, if any, from continuation sheet  .  .       .  .   . .      . . . . . .  .

2     Enter the totals from columns (e) and (f)  . . .   .  .       .  .   . .      . . . . . .  .
Part II         Current Tax Year Capital Gains Deferred by Investing in QOF
      (a)                (b)                             (c)                                  (d)           Deferred gain invested in QOF
Qualified       Date QOF                    Description of interest acquired                  Special          (e)                    (f) 
Opportunity     investment             (for example, 100 shares     or 25% interest)          gain      Amount of short-term Amount of long-term 
Fund (QOF)      acquired                                                                      code          deferred gain        deferred gain 
      EIN       (MM/DD/YYYY)                                                                            remaining in QOF     remaining in QOF

1     Enter the totals, if any, from continuation sheet  .  .       .  .   . .      . . . . . .  .

2     Enter the totals from columns (e) and (f). See instructions for reporting on Form 8949  .
Applicability of Special Rules Regarding the Waiver of Certain Treaty Benefits
Are you a foreign eligible taxpayer? See instructions for more information. 
      Yes. You may not elect to defer tax on an eligible gain by investing in a QOF unless you check “Yes” in response to the next 
      question. 
      No. Skip the next question and go to Part III. 
Waiver of Treaty Benefits on Future Inclusions by a Foreign Eligible Taxpayer 
Do you hereby irrevocably waive any benefits available under an applicable U.S. income tax convention that would exempt gains 
that you are deferring by investing in a QOF from being subject to federal income tax at the time of inclusion? See instructions for 
more information. 
      Yes. Report the deferral of the eligible gain in Part II and on Form 8949.
      No. You may not elect to defer tax on an eligible gain by investing in a QOF. Do not report the deferral of any otherwise eligible 
      gain in Part II or on Form 8949. 
For Paperwork Reduction Act Notice, see your tax return instructions.                       Cat. No. 37821R                      Form 8997 (2024)

Form 8997 (2024)                                                                                                                                     Page 2 
Part III        Inclusion Events and Certain Other Transfers During the Current Tax Year
                                                                                                                             Deferred gain included 
  (a)            (b)                                  (c)                                                 (d)      due to disposition of QOF interest
Qualified        Date of event                    Description of event                                    Special 
Opportunity      (MM/DD/YYYY)   (for example, sale of 100 shares, gift of 25% interest,                   gain            (e)                  (f) 
                                                                                                                   Amount of previously Amount of previously 
Fund (QOF)                           or distribution of     $1,000, etc.)                                 code     deferred short-term  deferred long-term 
  EIN
                                                                                                                   gain now included in gain now included in 
                                                                                                                   taxable income       taxable income

1    Enter the totals, if any, from continuation sheet  . .  .  .      . .   . . . . .                    .  .

2    Enter the totals from columns (e) and (f). See instructions for reporting on Form 8949  .
Check this box if you disposed of any investment(s) and didn’t receive a Form 1099-B reporting the disposition from the QOF or 
other third party. See the Instructions for Form 8949 for reporting requirements of any gain or loss.
Part IV         Total QOF Investments Due to Deferrals at Year End (see instructions)
  (a)            (b)                                  (c)                                                 (d)      Deferred gain invested in QOF investment
Qualified        Date QOF            Description of interest acquired                                     Special         (e)                  (f) 
Opportunity      investment     (for example, 100 shares     or 25% interest)                             gain     Amount of short-term Amount of long-term 
Fund (QOF)       acquired                                                                                 code     deferred gain        deferred gain 
  EIN            (MM/DD/YYYY)                                                                                      invested in QOF      invested in QOF

1    Enter the totals, if any, from continuation sheet  . .  .  .      . .   . . . . .                    .  .

2    Enter the totals from columns (e) and (f)  . . . .   .  .  .      . .   . . . . .                    .  .
                                                                                                                                        Form 8997 (2024)

Form 8997 (2024)                                                                                                           Page 3 

Section references are to the Internal      QOF investment is also reported on         deferred capital gain in the fund was a 
Revenue Code unless otherwise noted.        Form 8949; other non-qualifying            short-term or a long-term capital gain. 
                                            investments in the entity certified as a   Identification requirement for 
General Instructions                        QOF are not reported on Form 8997.         acquisition from another taxpayer in a 
                                            Special gain code (SGC). An SGC is a       noninclusion transfer. If you acquired 
Future Developments                         code that is entered when the QOF          the QOF investment during the tax year 
For the latest information about            investment originated from an elected      or in a prior tax year in a transaction that 
developments related to Form 8997 and       deferred gain, where the gain was:         was, in whole or in part, not an inclusion 
                                                                                       event under Regulations section 
its instructions, such as legislation       SGC   Gain Origination                     1.1400Z2(b)‐1(c), provide the following 
enacted after they were published, go to 
www.irs.gov/Form8997.                       A     Section 1256 gain                    information relating to the transferor of 
                                            B     Form 4797 (section 1231)             the QOF investment. Enter in column (c) 
                                                                                       the taxpayer name, taxpayer 
Reminders                                   C     Straddle(s)                          identification number, and the date the 
Basis adjustment due to 5-year              D     Collectibles                         QOF investment was transferred to you. 
holding period. If you held your                                                       Enter in column (d) special gain code “F.”
investment in the Qualified Opportunity     E     Exempt by treaty (but for 
Fund for at least 5 years, you may be             election to defer rather than        Identification requirement for transfer 
eligible for a basis adjustment increase          claim exemption)                     to another taxpayer in a noninclusion 
of 10% of the deferred gain (the amount     F     Deferred gain relating to a          transfer. If you disposed of a QOF 
of your investment). See Part III for more        noninclusion transfer                investment during the tax year in a 
                                                                                       transaction that was, in whole or in part, 
information.                                G     Adjustment to basis 5-year           not an inclusion event under Regulations 
                                                                                       section 1.1400Z2(b) 1(c), provide the 
Purpose of Form                             Who Must File                                                ‐
                                                                                       following information relating to the 
The Tax Cuts and Jobs Act (TCJA),           An eligible taxpayer holding a QOF         transferee of the QOF investment. Enter 
section 13823, added section 1400Z-1        investment at any point during the tax     in column (c) the taxpayer name, 
to provide for the designation of certain   year must file Form 8997 with the          taxpayer identification number, and the 
census tracts as qualified opportunity      taxpayer’s timely filed federal income tax date the QOF investment was disposed 
zones (QOZs) and added section              return (including extensions). An eligible of. Enter in column (d) special gain code 
1400Z-2 to provide certain benefits for     taxpayer is a person that is required to   “F.”
investments in these QOZs through           report the recognition of gains during the 
investment in qualified opportunity funds   tax year under federal income tax          Part II
(QOFs). Taxpayers that invest in QOZ        accounting principles. If you are not      Complete Part II to report your capital 
property through a QOF can defer the        otherwise required to file a return, with  gains for the current tax year that were 
recognition of certain gains. See           the exception of grantor trusts, but you   deferred by investing in a QOF. 
Definitions, later.                         held a QOF investment at any point         Complete columns (a) through (d) for 
An investor in a QOF uses Form 8997         during the tax year, attach Form 8997 to   each QOF investment. When reporting 
to inform the IRS of the QOF investments    an appropriate return with your name,      the amount of the deferred gain, use the 
and deferred gains held at the beginning    address, and identification number.        appropriate column (either (e) or (f)) 
and end of the current tax year, as well    Instructions for consolidated groups.      depending on whether the capital gain 
as any capital gains deferred by            A consolidated group should include        deferred was a short-term or a long-term 
investing in a QOF and QOF investments      with the group’s return a separate Form    capital gain.
disposed of during the current tax year.    8997 for each group member that held a     Identification requirement for 
See www.irs.gov/Ozfaqs for more             QOF investment during the tax year.        acquisition from another taxpayer in a 
information and guidance.
                                                                                       noninclusion transfer. If you acquired 
Definitions                                 Specific Instructions                      the QOF investment during the tax year 
                                                                                       in a transaction that was, in whole or in 
Qualified opportunity fund (QOF). A         Name and Address                           part, not an inclusion event under 
QOF is an investment vehicle organized                                                 Regulations section 1.1400Z2(b)‐1(c), 
as a corporation or a partnership for the   Print or type the information in the 
purpose of investing in QOZ property        spaces provided.                           provide the following information relating 
                                                                                       to the transferor of the QOF investment. 
(other than another QOF) that holds at      Taxpayer identification number. If you     Enter in column (c) the taxpayer name, 
least 90% of its assets in QOZ property.    are an individual, enter your social       taxpayer identification number, and the 
See the Instructions for Form 8996 for      security number (SSN) or your individual   date the QOF investment was 
more information.                           taxpayer identification number (ITIN). For transferred to you. Enter in column (d) 
Qualified opportunity fund (QOF)            C corporations, partnerships, S            special gain code “F.”
investment. A QOF investment is an          corporations, trusts (non-grantor trusts), 
investment of eligible gain into a QOF to   estates, and Indian tribes, enter the      Identification requirement for transfer 
defer recognition of the eligible gain. The employer identification number (EIN).      to another taxpayer in a noninclusion 
                                                                                       transfer. If you disposed of a QOF 
investment in the QOF must be in the                                                   investment during the tax year in a 
form of an equity interest in the QOF,      Part I
                                                                                       transaction that was, in whole or in part, 
which may include preferred stock or        Complete Part I to declare your QOF        not an inclusion event under Regulations 
partnership interests, including those      investments held at the beginning of the   section 1.1400Z2(b)-1(c), provide the 
with special allocations. Generally, the    current tax year; for individuals, this    following information relating to the 
investment in the QOF must have             would generally be January 1, 2024.        transferee of the QOF investment. Enter 
occurred within the 180-day period          Complete columns (a) through (d) for       in column (c) the taxpayer name, 
beginning on the date the gain would be     each QOF investment. When reporting        taxpayer identification number, and the 
recognized for federal income tax           the amount of the deferred gain, use the   date the QOF investment was disposed 
purposes if the eligible taxpayer didn’t    appropriate column (either (e) or (f))     of. Enter in column (d) special gain code 
elect to defer recognition of that gain. A  depending on whether the remaining         “F.”

Form 8997 (2024)                                                                                                                  Page 4 
Waiver of Treaty Benefits on                  included, due to the inclusion event,      Enter in column (d) special gain code 
                                              complete column (d) and report the         “F.”
Future Inclusions by a                        amount of the gain in the appropriate 
Foreign Eligible Taxpayer                     column (either (e) or (f)) depending on    Part IV
If you are a foreign eligible taxpayer (an    whether the previously deferred capital    Complete Part IV to report your deferred 
eligible taxpayer that is not a U.S. person   gain was a short-term or a long-term       gain held during the tax year that was 
within the meaning of section 7701(a)(30)     capital gain. If your transaction falls    not invested and your QOF investments 
or that is treated as a resident of another   under an exception in the regulations so   held due to current year capital gain 
country for purposes of an applicable         that no deferred gain is now included,     deferrals and prior tax year(s) deferrals; 
income tax treaty), you must, for any         enter in column (c) the word “Exception”   for individuals, this would generally be 
capital gains that you are deferring by       and a citation to the applicable           December 31, 2024. Complete columns 
investing in a QOF, irrevocably waive any     paragraph of the regulations; leave        (a) through (d) for each QOF investment. 
benefits available under an applicable        columns (d)–(f) blank.                     When reporting the amount of the 
U.S. income tax convention that would         Check the box in Part III if you           deferred gain, use the appropriate 
exempt such gains from being subject to       disposed of a QOF investment during        column (either (e) or (f)) depending on 
federal income tax at the time of             the current tax year and didn’t receive a  whether the deferred capital gain was a 
inclusion. A foreign eligible taxpayer        Form 1099-B from the QOF or other third    short-term or a long-term capital gain. 
includes, for example, any individual who     party reporting the disposition.           If one of your QOF investments is the 
is required to file Form 1040-NR, a           Basis adjustment due to 5-year             continuation of an investment in a 
foreign corporation, and a foreign estate     holding period. To report an inclusion     different QOF (for example, due to a 
or trust.  A citizen or resident alien of the event that involves an adjustment to       reorganization), enter in column (c) the 
United States who is required to file         basis due to the amount of time you held   word “Formerly” and the earlier QOF’s 
Form 1040 or 1040-SR is not a foreign         the investment, complete columns (a)       EIN.
eligible taxpayer. To waive treaty            through (d) for each QOF investment        Identification requirement for 
benefits, a foreign eligible taxpayer must    being disposed that individually meets     acquisition from another taxpayer in a 
check the “Yes” box provided on page 1        the 5-year holding period requirement.     noninclusion transfer. If you acquired 
of Form 8997 under Waiver of Treaty           See Regulations section 1.1400Z2(b)-1(g)   the QOF investment in a transaction that 
Benefits on Future Inclusions by a            for further guidance on calculating the    was, in whole or in part, not an inclusion 
Foreign Eligible Taxpayer.                    basis and Regulations section              event under Regulations section 
Note: The waiver of treaty benefits on        1.1400Z2(b)-1(d) for further guidance on   1.1400Z2(b)‐1(c), provide the following 
Form 8997 generally doesn’t apply to          calculating the holding period. In column  information relating to the transferor of 
partnerships. See Regulations section         (c), put “Adjustment to basis 5-year” and  the QOF investment. Enter in column (c) 
1.1400Z2(a)-1(b)(11)(ix)(A)(3).               in column (d) enter special code “G.”      the taxpayer name, taxpayer 
Part III                                      When reporting the amount of the           identification number, and the date the 
                                              adjustment, due to the inclusion event,    QOF investment was transferred to you. 
Complete Part III to report inclusion         report the amount of the adjustment in     Enter in column (d) special gain code 
events during the current tax year for        the appropriate column (either (e) or (f)) “F.”
your QOF interests. An inclusion event        depending on whether the previously 
occurs if you sold or transferred your        deferred capital gain was a short-term or  Additional Investments
QOF investment, if you received a             a long-term capital gain for each EIN.     Attach and label a separate continuation 
distribution from the QOF, if you             Identification requirement for             sheet if the number of QOF investments 
declared your QOF interest worthless, if      acquisition from another taxpayer in a     to be reported on Part I, II, III, or IV 
the QOF ceased to be a QOF, or if you         noninclusion transfer. If you acquired     exceeds the amount of lines provided. 
or the QOF engaged in certain other           the QOF investment in a transaction that   Transfer the deferred gains from the 
transactions. Some transactions are           was, in whole or in part, not an inclusion continuation sheet to the line on each 
excepted from being inclusion events.         event under Regulations section            part for totals from a continuation sheet 
See Regulations section 1.1400Z2(b)-1(c)      1.1400Z2(b)-1(c), provide the following    and enter the amounts in the appropriate 
for a full list of inclusion events and       information relating to the transferor of  column (either (e) or (f)) depending on 
exceptions.                                   the QOF investment. Enter in column (c)    whether the deferred capital gain 
Complete columns (a) through (c) for          the taxpayer name, taxpayer                invested in the fund was a short-term or 
each QOF investment. When reporting           identification number, and the date the    a long-term capital gain.
the amount of the deferred gain now           QOF investment was transferred to you.